In December 2017, President Trump signed the most comprehensive tax reform bill since 1986. The Tax Cuts and Jobs Act of 2017 makes significant changes to the tax filings for individuals and businesses. For personal filings, the individual maximum tax rate has been reduced to 37 percent from 39.6 percent. At the same time, personal Read More

The new Tax Act that was signed into law in late 2017 includes many changes for individual taxpayers. Most of these changes have taken effect for income earned beginning January 1, 2018. Here’s what you need to know about the most important changes: Tax Act Changes Affecting Individual Taxpayers New Rates and Brackets For income Read More

Under the new tax reform bill, there are many changes that will affect most individual taxpayers. The most prominent changes include new tax brackets and rates and changes to popular deductions. Here is a review of some of the less conspicuous changes: Changes of the New Tax Reform Bill Affecting Individuals ACA Penalty The new Read More

Every organization must keep financial statements: a balance sheet, income statement and statement of cash flow. A balance sheet discloses assets and liabilities while an income statement reveals how profitable an organization is. A statement of cash flow traces the sources of cash as well as how it is used. All three financial statements contain Read More

Grouping generations of Americans is a loose practice; there are no hard boundaries or cutoff years. The basic range is about 20 years, and the Millennial generation loosely includes those born between 1980 and 2000. With such drastic technological advances being made every day and digital communication being so commonplace, Millennials have become accustomed to Read More

IR 2018-32 In an Information Release, IRS has announced that in many cases, taxpayers can continue to deduct interest paid on home equity loans under the recently enacted Tax Cuts and Jobs Act (PL 115-97, 12/22/2017). Background. Taxpayers may deduct interest on mortgage debt that is “acquisition debt”. Acquisition debt means debt that is: Secured Read More

For the third year in a row, an IRS warning has been issued about one of the most dangerous, most successful and most infuriating phishing attacks of all time: the “Employer W2 Scam“. The “W2 Scam” first reared its ugly head two years ago, during tax season. It reappeared last year, prompting an IRS warning Read More

Under the new tax laws, the rules for pass-through entities have made the climate a bit more favorable for these types of corporations. It’s also a bit more complex. Pass through entities include sole proprietorships, partnerships, certain LLCs, and S-corporations. Knowing which type is best for your situation depends on several factors. New Income Deduction Read More

Many provisions of the Tax Cuts and Jobs Act will reduce the amount of taxes businesses will owe, starting in 2018. 4 provisions in particular may shed extra light on the Tax Cuts and Jobs Act: 4 Provisions of the Tax Cuts and Jobs Act Quicker Depreciation for Qualified Improvement Property There were three separate Read More

Thanks to new tax laws going into effect in 2018, most businesses in the U.S. will enjoy tax cuts in the new year. In most cases, these changes will take effect for tax years beginning January 1, 2018, and will be permanent. Here’s a look at some of the most common changes that businesses can Read More